Cameo, a startup that sells customized video screams from celebrities valued at about $ 1 billion last year, has made a major layoff after a slowdown in business.
The company fired 87 staff and accounted for about 25% of its workforce. CEO Stephen Galanis confirmed the reduction, saying the business needed to be “appropriately sized” after the fate was reversed following the COVID-19 pandemic surge.
In 2020, Cameo claimed that it generated a total revenue of about $ 100 million-up 4.5 times the previous year. Obviously, the pace of sales has cooled considerably since then.
The senior executives who were dismissed included Chief Technology Officer Rob Post (formerly Quibi’s CTO), Chief Technology Officer Nundu Janakiram, and Marketing SVP Emily Boschwitz.
In a Galanis statement provided to the variety, the CEO said: It has changed since then. Therefore, we have scaled our business appropriately to best reflect the new reality. “
Galanis continues: “The decision to reduce headcount needs to be painful to regain concentration, agility to deal with new challenges, the ability to optimize financial resources, and the time and space to grow new businesses. It was a great course fix. We believe that segments such as Cameo for Business, Represent, and web3 will be as big as the core business that maps us. We are in the medium- to long-term future of Cameo. Being bullish, the actions we have taken to balance cost and cash reserves will put the company in the best position to take full advantage of these growth opportunities. “
Last year, Cameo raised $ 100 million from investors such as Amazon, Google and UTA, bringing its valuation to just over $ 1 billion. In October, Cameo made its first acquisition. Represent is an LA-based marketing and merchandising platform that develops and operates e-commerce sites that sell directly to fans for celebrity clients.
The company sells video shoutouts from over 45,000 celebrities (and lesser-known people). Cameo says it will reduce sales by 25% and spend the rest on talent.
Cameo’s celebrity roster includes Cedric the Entertainer, Kenny G, Erin Andrews, Anthony Anderson, Kate Flannery, Ice-T, Brian Baumgartner (Kevin in the’Office’), Rudy Giuliani It has been. According to Cameo’s website, the current trending talent partners include David Hasselhoff ($ 499 and above, personalized video), Dolph Lundgren ($ 350 and above), Stormy Daniels ($ 250 and above), and “Selling Sunset.” Includes Hasselhoff ($ 250 and above) and singer Randy. Travis ($ 200 +).
Just yesterday, Snap and Cameo announced a new partnership, the Snap x Cameo Advertiser Program. This allows Snapchat video advertisers to pair with Cameo talent partners to create custom short-form video ads for Snapchat.
Startup Video Shout Out Service Cameo Fires 25% of Workforce – The Morning Call
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